Final answer:
Only (Option b) substantiated gambling losses not in excess of gambling winnings are deductible from the provided list. Other expenses, such as speeding tickets, political contributions, and personal life insurance premiums, are not deductible.
Step-by-step explanation:
The question pertains to which expenses are tax-deductible from a list provided. Specific rules apply to tax deductions related to business and personal expenses, according to income tax laws. Let's examine the items:
- Speeding tickets incurred while on business are not deductible as they are considered personal expenses, even if incurred while conducting business.
- Substantiated gambling losses are deductible only to the extent of gambling winnings, as they can be considered a loss incurred in an attempt to produce taxable income.
- Contributions to a mayor's reelection campaign are not deductible as they are considered personal political contributions.
- Parking expenses incurred in connection with jury duty are deductible as unreimbursed employee expenses if the taxpayer itemizes deductions and if the total of such expenses exceeds 2% of adjusted gross income (AGI).
- Premiums paid on a personal life insurance policy are not deductible as they are considered personal expenses.
Based on this assessment, item b, substantiated gambling losses (not in excess of winnings), is the only deductible expense from the list provided.